• Macerich average return on tangible equity for 2023 was -7.07, a 1098.31% decline from 2022.
• Macerich average return on tangible equity for 2022 was -0.59, a 91.06% increase from 2021.
• Macerich average return on tangible equity for 2021 was -6.6, a 602.13% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.